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The majority of retirees depend on Social Security to some degree, with 88% of currently retired adults saying their benefits are at least a minor source of income, according to a 2024 poll from Gallup.
However, around half of U.S. adults aren’t sure how to maximize their benefits, a 2024 survey from the Nationwide Retirement Institute found, and 52% of survey participants are unaware of exactly how their benefit start date will affect the size of their checks.
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The age you begin claiming is one of the most important factors determining your benefit amount, and this one simple move could boost the average retiree’s payments by around $740 per month.
The simplest way to maximize your Social Security
Factors like the length of your career and your earnings will influence your benefit amount. To receive the full benefit you’re entitled to based on your work history, you’ll need to file at your full retirement age (FRA). Your FRA will be between ages 66 and 67, depending on your birth year.
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You don’t necessarily have to file at your FRA, though. Most people can begin claiming as early as 62, or you can delay benefits up to age 70. The exact age you file, though, will have a direct impact on the size of your payments.
By filing as early as possible at age 62, your benefits will be permanently reduced by up to 30%. On the other hand, waiting until age 70 will earn you a bonus of between 24% and 32% per month in addition to the full benefit amount that you’d receive at your FRA.
In many cases, these reductions and bonuses can affect your benefits by hundreds of dollars per month.
| Age | Average Monthly Benefit Among Retired Workers |
|---|---|
| 62 | $1,298 |
| 63 | $1,339 |
| 64 | $1,460 |
| 65 | $1,563 |
| 66 | $1,740 |
| 67 | $1,884 |
| 68 | $1,948 |
| 69 | $1,945 |
| 70 | $2,038 |
Source: Social Security Administration. Table by author.
The average 62-year-old retiree receives around $1,298 per month in benefits, according to December 2023 data from the Social Security Administration. Meanwhile, the average benefit at age 70 is around $2,038 per month — a difference of roughly $740 per month.
Even waiting a year or two to file can boost your monthly payment significantly. Waiting until age 70 to begin claiming isn’t feasible for everyone, but if you can delay even slightly, it could make a major difference in retirement.
When delaying benefits isn’t the best move
Delaying Social Security is often the best choice when it comes to maximizing your monthly payments. In fact, a 2022 study from the National Bureau of Economic Research found that 99.4% of older adults could optimize their benefits by filing after age 65, providing a median income increase of around $158,059 over a lifetime.
That said, these data points only account for the financial side of this decision. While finances are a critical part of the equation, it’s equally important to look at the big picture and consider your overall retirement goals.
For example, maybe you’re worried about health issues arising and want to spend as much time as possible in retirement. While you can retire in your early 60s and delay benefits, that could put excess strain on your savings. If early retirement is your primary goal, it may be worthwhile to claim benefits early — even if it means making some financial sacrifices.
Deciding when to take Social Security is a highly personal choice, and there’s no right or wrong answer. Delaying benefits is one of the simplest ways to maximize your monthly checks, but that doesn’t necessarily mean it’s always the best option. By considering your personal goals, you can decide on the best choice for your unique situation.
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